China Expands Urban Village Redevelopment to 300 Cities

China is increasing its urban village redevelopment initiatives from 35 to nearly 300 cities, aiming to revitalize the real estate sector. The country's government plans to redevelop 1 million urban villages, addressing the significant need for renewal in China's major cities.

In a significant move to bolster its real estate sector, China is expanding its urban village redevelopment program from the initial scope of 35 cities to nearly 300. This development was reported by the official Xinhua News Agency, reflecting the government's commitment to aid the country's struggling real estate market.

Authorities have recently introduced an initiative aimed at redeveloping 1 million urban villages and rundown housing areas. The focus is to meet the increasing demand for urban renewal, particularly in China's 35 major cities, where the requirement stands at 1.7 million housing units.

The expansion of this program is part of a broader strategy to inject vitality into the real estate sector, which has been facing significant challenges. By addressing the housing needs in urban villages, the government hopes to stimulate economic growth and improve living conditions for millions of its citizens.

(With inputs from agencies.)